MyEcon Review – Scam Or Legit? Compensation Plan Exposed.
Welcome to my MyEcon review.
I know that most of you that are here right now want to know how much you can earn with MyEcon, but this article wouldn’t be a full review if I didn’t cover the company and the product details as well.
So with that said, I am going to cover all of the information about the company, the products, and the compensation plan.
Also, before you leave, make sure to grab one of the money-making bonuses that I’ve included below.
With that said, let’s continue.
First, let’s start off with a video overview of the company…
Table of Contents
MyEcon Review – What Is It?
MyEcon is an MLM company that was started by Ivey Stokes.
The company first started back in 2005 and is in the credit repair niche.
The company now seems to be promoted to help you make more money and to help you improve your finances.
The Company Overview
In this section of the review, we are going to cover information on the company and owners.
When dealing with any program that you can make money with, we like to see who owns it because it gives us the ability to look at their background and experience.
It also tells us that the owners are proud of their company and offer a trust factor as well.
The MyEcon was founded by a small group of entrepreneurs on 9/1/2005 then got incorporated on 9/28/2005 and is privately held under the name myEcon, Inc.
The niche that I would consider the company to be in would be the credit repair niche.
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It is a debt-free company located in Gwinnett County, a suburb of Atlanta.
The exact address is 3750 Hewatt Court Suite E Snellville, GA 30039 United States.
The company operates in the multi-level marketing industry called Direct Sales.
The MyEcon vision is to help families with their Personal Financial Success by providing tools and training to help them by providing financial strategies to get them out of debt and become cash-flow positive.
At the time of writing this article the company is growing at a really fast pace and has over 50,000 independent marketing associates currently.
The 2 people that are currently running the company are CEO/COO Larry Gates, and CFO Carliss Curry.
Some of the information was found here: Source
MyEcon Online Marketing System
If you are a member of MyEcon and want to generate more leads and sales to make more money with it, then you need this!
With that said, let’s continue.
What Products Does MyEcon Offer?
In this section of the review, we are going to look at the MyEcon products that they offer.
To be in compliance with the law, all MLM companies must offer either a retail product or service.
The main product that MyEcon has to offer is finance, and tax tools in the form of software and digital products to help you lower your debt.
When you join MyEcon in the Financial Success Membership level you receive a few things.
- The smartphone app.
- The opportunity to earn commissions.
The software app can be installed on any smartphone and has tools to help you track expenses, your driving mileage and even capture receipts.
It’s called the Cashflow Manager.
The app also includes information about other services like:
- Tax Advice
- Income Tax Preparation
- Identity Theft Protection
- Discount Legal Services
- Financial Training
- Credit Restoration Services
The company also markets discount travel, all-natural nutritional products and includes an online Mall that has many of the popular name brand stores included like Walmart and Macy’s that you can share with others.
Here is a list of all the products that MyEcon Provides: (it is important to note that not all of these are included within your membership, most will have an additional cost to use these services and tools)
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- ID Defender – This service has an additional cost to it. It helps by monitoring your credit activity, includes computer software to protect against hacking, and helps with restoring your identity when your identity has been stolen.
- Smart Credit Repair System – This is a training website that helps you repair your credit. It provides many video training modules and also includes pre-written template letters to send to the various credit agencies to help remove bad credit marks from your credit report.
- Cash Flow Manager – This is the app that was mentioned before where it helps you keep track of your receipts and driving mileage for you.
- Book Travel – Simply put, this is an employee portal to the priceline.com website to help find the best deals in air travel, car rentals, cruises, and hotel costs.
- Health & Nutrition – These products are additional costs. This is basically a portal to 3 different nutritional products, a liquid multivitamin, MSM pills, and oral nutritional sprays. Side note: I swear by MSM, but in the granulated powdered all-natural form.
- Coffees – This is a portal to Aloe Gano, it supplies a healthy coffee which is an additional cost.
- Cash Back Mall – This portal is what was mentioned earlier where you can give your link to people and when they buy you get a small percentage of there purchases. When members join I believe you earn cashback points that can be redeemed as well.
- Road Assure – This is a Roadside assistance program like AAA. The starting cost to join is $8 per month.
- Credit Monitoring – This is exactly what it is named. This service monitors your credit score but it comes with a price. It will cost you $24 every 6 months to use it.
Now, I mentioned that most of these services and products come with an additional cost, you will receive up to 30% commissions from your personal members and team members that take advantage and purchase any of the MyEcon products offered on your team.
How Does The MyEcon Compensation Plan Work?
In this section of the review, we are going to break down how the MyEcon compensation plan works and how you can make money with it.
**The pay plan information has been changed in 2019, so I will add the newer version below.**
MyEcon provides a compensation plan for those that want to earn additional income from home.
They have a commission structure that is very similar to another Network Marketing company called Motor Club of America (MCA).
The typical and most common pay structure designs are the matrices, binary, and unilevel compensation plan structure.
MyEcon works off of the unilevel MLM pay plan structure but of course with their own twist and turns when it comes to how you can earn commissions.
The sweet spot being after you enroll your first to members.
MyEcon offers the members:
- A free marketing website, its the company branded website and is coded to you with your own personal link.
- Marketing Training
- Leadership Support
MyEcon EVP (you become EVP after you enroll 2 members or sell 200 worth of personal product sales) associates earn 100% on personal sales and up to 85% on team sales with unlimited weekly bonuses and residual income when you qualify.
The Rundown
So, here is what happens.
When you first get started, your 2 that you personally sponsor will earn you a commission of $20.
$10 from your first enrollment and $10 from your second.
On your third personally enrolled here is what happens.
You now earn $35 from all of your personally sponsored members upfront.
And you’re third personally sponsored is considered your “Base Shop”.
What this means that for every “First 2” personally enrolled members that your personally sponsored 3rd person refers you will earn $25!
Commission Plan Charts And Breakdown
In this section, I will provide more detailed information about the MyEcon compensation plan.
Please refer to the pay plan chart below to reference what is explained.
When you get started with the MyEcon pay plan, you start out as an (MD) Marketing Director.
Marketing Directors receive 15% on personal (CV) Commissionable Value and 10% on personal MD’s/ISM’s.
So, basically, when you first start out you are going to earn $10 from each of your first 2 signups.
On your 3rd signup, your commissions increase.
Your 3rd personally recruited member and on is where you want to be, and as soon as possible!
When you become an EVP (Executive Vice President) you will earn $35 for every personal referral you bring on AND up to $25 for every new (MD) Marketing Director that joins your organization/team.
Executive Vice President (EVP) is the second rank in the compensation plan structure.
As an EVP, you earn $5 – $10 of residual income in your organization/team.
You also get paid for any services your personal referrals and team makes through the various portals that MyEcon has to offer the Online Mall, and Credit Monitoring service including all the other paid services.
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You will have to refer to the list that Econ provides you with a complete breakdown per products and services for those commissions.
So, as I mentioned in the breakdown section, most people are attracted to this comp plan because of the commission model I’m about to explain.
When you first get started and join for $20, you will be considered a Marketing Director.
You only need 2 personally sponsored referrals to move up to the next rank of Executive Vice President rank that earns you more commissions but as an (MD) here is what you will earn.
For your first 2 personally sponsored referrals you will earn $10 from each one up front, or what is called a fast start bonus in most other MLM Companies.
On your 3rd personally sponsored referral on to infinity, you will earn $35 from each one upfront.
You also are considered an (EVP) when you sponsor your third person.
Your personally sponsored person is considered an MD and now has to sponsor 2 people to become an EVP and move up in pay.
But now what happens is that their first 2 people are considered in your Base Camp.
What this means is that from every personally sponsored 3rd member on to infinity, their first 2 personally sponsored members will pass up $25 to you!
Here is an image or chart to help visually explain this process.
The main focus for earning the most money through the MyEcon commission plan is through referrals and team growth.
Residual Commissions
Yes, MyEcon offers residual income along with the great upfront commissions that they offer.
This is a bit complicated to explain, so I am going to refer you to the video that I posted above.
Basically, the residual income that you can qualify for kicks in after someone that you enroll or coded to hits their 5-month mark in the business with just being a rep.
It is also my understanding that when any one of your downline that is coded to you and they purchase any of the monthly services or products, you will also make residual commissions from those purchases as well, but those residuals kick in right away.
The residual income commissions also will depend on what rank you are at.
In my opinion, the overall commission structure is also really generous compared to other MLM companies in the industry.
Now if they were a new company I would be very leery about the commission that they are offering because it is actually as lucrative as it is innovative.
Motor Club of America (MCA) compensation plan has a similar structure but this one is a bit better overall as it is now.
Compensation Plan Charts
Below are some charts and images that go into visual detail about some of the pay structure details that were discussed throughout my review.
The pay plan is intense but works in my opinion.
It has both great up-front commission potential and also long-term great residual income potential.
New 2019 MyEcon Compensation Plan Changes
**Here is the new information on how the 2019 MyEcon compensation plan works.**
MyEcon has changed to a 100% payout compensation plan.
When a member enrolls someone for $49.95, your commission will now be $50 (once qualified) and is paid out the following week.
You must first recruit 1 person to qualify for that 100% commission for all of your personally enrolled members.
You now only need 1 personally recruited member to be promoted to Executive Vice President which will qualify you for 100% commissions.
Your first recruited member will be your qualifying member and you will still earn on that person. The commission for your first enrollment will be $10 and $40 will be passed up to your sponsor.
The first person that you enroll is called your “base shop”.
For every person that your 1st person enrolls, you will earn 5% of their sales.
After you qualify for Executive Vice President by sponsoring 1 person, you will now also qualify to earn $40 from every first person that your personally recruited members sponsor.
There is also more to it, but that is the main starting points that I wanted to cover with you about the changes that were made to the comp plan.
Here is a review video that goes more in-depth and explains how the entire compensation plan works:
MyEcon FAQ Section
In this section of the review, we are going to answer some of the questions that people may have when thinking about joining the MyEcon opportunity.
How Much Does It Cost To Start MyEcon?
To get started with MyEcon, it is $19.95 the first month and then $34.95 a month starting in month 2.
What Does The Name MyEcon Mean?
MyEcon short for “My Economy” and is the acronym that the company founder came up with that symbolizes a person’s own economy. The vision of the company was for people to take care of their own economy just like the government and businesses take care of theirs.
Does MyEcon Have Chargebacks?
No, unlike some of the other companies that pay upfront commissions that equal to more than the initial cost to join, MyEcon does not have chargebacks. They cover this in other ways within the companies pay plan.
Is MyEcon A Scam Or Pyramid Scheme?
With all the digging that I did, and after reviewing the products and compensation plan with the marketing message, MyEcon is NOT a scam or pyramid scheme.
What Is MyEcon Rated In The BBB?
MyEcon is accredited on the BBB with a rating of A+.
This includes a customer review rating of 100% at the time of writing this review.
Now, I don’t usually consider the rating that the Better Business Bureau has listed when making a judgment call on whether it is a scam or not simply because the BBB has been known to have manipulated ratings and reviews that were purchased from 3rd party service companies.
However, in this case, when comparing the reviews and testimonials from my other resources, it is right on par.
My Final MyEcon Review, Thoughts, And Bonus
In the last section of the review, I am going to share my final thoughts about the MyEcon opportunity as a whole.
Like I mentioned in the first part of my review, to further grow your business to the next level you are going to want some type of front-end offer to gather prospects and leads.
An offer that is both generic and low cost!
This is going to accomplish a few things:
- Finding more people that are interested in making more money from home.
- Because it’s generic you will have a wider audience of people that are going to be interested.
- Less of a psychological cost barrier because it is at a lower cost.
When you’re ready to earn additional income from home while taking your business to the next level.
Or if you are just looking for something to start out making money online with.
Make sure to check out the link on this page.
As far as MyEcon is concerned…
Would We Recommend The MyEcon Opportunity?
Yes, we would recommend this company as far as a long-term MLM company that you can make money with.
I feel that this is a good business opportunity to pursue.
I don’t really have anything negative to say about it other than the intense compensation plan details.
But by me saying “intense” I mean that in a good way!
So, in this MyEcon review, I covered the company, the products, and the commission plan including and how you earn money.
I hope I answered all, or hopefully most of the questions you had about the MyEcon opportunity.
MyEcon gets a good grade in my opinion, with the BBB seconding my opinion.
So with that said, MyEcon is a good company if you decide to join.
I hope you thoroughly enjoyed my personal MyEcon review and hope it helped you to understand this business opportunity better.
My entire goal is to empower you with knowledge so that you can make an educated decision on whether or not this is a good company to join.
I hoped with my explanation along with the videos and images I accomplished this here for you today.
If you enjoyed my review of the MyEcon company, products, and compensation plan, please help out by clicking on the social share buttons located on this review and share it with others because it really helps out.
Thank you.
